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Marks & Spencer reports 6.1% rise in pre-tax profits

Marks & Spencer has reported a 6.1% rise in underlying annual pre-tax profits to £661.2 million.

The group has reported a rise in annual pre-tax profits. Credit: PA Wire

The rise in profits was driven by an "outstanding year" in food sales which M&S said had exceeded expectations in "a difficult market".

However, the group admitted general merchandise sales "did not meet expectations" despite claiming an improvement in style and quality.

Marc Bolland, the firm's chief executive, said: “We are transforming M&S into a stronger, more agile business – putting the right infrastructure, capabilities and talent in place to drive our strategic priorities.”


Marks & Spencer like-for-like sales drop 5.8%

Like-for-like sales in Marks & Spencer's general merchandise division slumped 5.8% in the 13 weeks to December 27, the store has reported.

Marks & Spencer & its worse-than-expected results were exacerbated by online delivery problems. Credit: Stefan Rousseau/PA Wire

The store's worse-than-expected results were exacerbated by online delivery problems over the Christmas period.

M&S says its clothing sector performance was impacted by the unseasonal weather conditions in October and November.

Marks & Spencer's underlying profits up by 2.3%

Marks and Spencer has released its half-year results, revealing its underlying profit before tax has increased by 2.3% to £268 million .

Marks and Spencer has announced its half-year results. Credit: PA Wire

The company blamed a warm September for a 2.3% and 1.6% fall in general merchandise sales and clothing sales respectively.

M&S reported a 1.3% increase in womenswear sales in the first five months of the year, saying it had received "increasingly positive customer feedback".

Marc Bolland, chief executive, said: "M&S delivered sales growth and increased profit in the first half despite a tough market, particularly in September.

"We are pleased with the progress we have made against our key priorities for the year: GM gross margin, improving Womenswear, driving Food growth and Cash generation.”

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